Thailand’s securities and exchange commission expects to issue regulations on cryptocurrencies and initial coin offerings (ICO) by the end of June after holding a public hearing, the SEC czar said on Tuesday.
According to Rapee Sucharitakul, SEC secretary-general, offerings of digital tokens will not be allowed until the regulations.
The SEC has the authority to regulate digital assets, according to a decree which took effect on Monday.
The decree/order requires sellers and operators of such assets to register with the SEC within 90 days.
Rapee told the reporters that the public hearing will take a 2-3 weeks because investments in digital tokens are complicated and carry high risks.
Last March 2018, Finance Minister Apisak Tantivorawong said that the finance ministry will impose a 15-percent withholding tax on gains from digital tokens and cryptocurrency trade.
There will also be a 7-percent value-added tax, but general investors will be exempted, he said.
In February, the central bank asked financial institutions not to get involved in cryptocurrency transactions for fear of possible problems.